Wipro sets June 16 as the record date for buyback, stock surges 8%

5 Jun 2023 , 11:43 AM

Wipro shares opened higher on June 5 as the company set June 16 as the record date for its Rs.12,000 crore buyback plan. Since the buyback announcement on April 27, Wipro’s stock has gained over 8 %.

• The company fixed June 16, 2023, as the record date to determine the eligibility of equity shareholders for participating in the buyback.
• Wipro has set a floor price of Rs 445 per equity share for its buyback, which involves up to 269,662,921 shares, representing 4.91 % of all equity shares.
• The floor price is set at a premium of 9.8 % compared to the current market price.
• In Q4 FY23, Wipro’s consolidated net profit declined by 0.4 % year-on-year to Rs.3,075 crore compared to Rs.3,087 crore in the previous year.